What I find helpful is to outline your qualification criteria (household income 3x times rent, 1 year of continuous employment, a certain credit score, etc.) on the application, that way undesirable tenants can screen themselves by not applying or if you happen to turn down a candidate, you have documentation supporting your case and why you did so.Another point in regards to your "verifiable income for a year question" is: you can have the candidate list employer references, which will allow you to contact their supervisor/manager and ask about their employment status and in this case their employment history. 

@Noah Laker can you please outline what softwre you use to manage all this and an overview of your personnel and assigned tasks?

Here’s what I’ve done .1) I post the property along with what is absolutely necessary ( income amount , no evictions ect)2 show the property open house style and hand out applications and accept the fee with the completed ones 3 pick the applications that meet the outlined standards , call their references , past land lord ... excetera 4 pick one of those and run the full back ground check 5 if the selected one passed ....

It outlines rent prices, deposits, when rent is due and many other things and it is signed by both parties.

So i just wanted to know is this something i'm doing correctly and i just have to keep searching for that right deal, or is this percentage completely out line (to high) and i need to come down a little to reasonably figure.

Specifically, you are looking for code or case law that 1) outlines what requires a license when it comes to marketing real property, and 2) defines marketing.

What I am getting at is, there is no standard job description for a real estate investor to outline the duties which should accounted for as time spent working on a project.

My partner and I are doing what you outlined and are building some great systems around finding deals, investors, and putting it into action.

That with a clear outline of how the draws work and the communications that you establish with your team all seem easy to duplicate and follow.

@Larry Williams, are there any terms outlined in the lease for early termination?